Illinois Tool Works enters $3.0 billion five-year credit facility, replacing old revolver
On February 20, 2026, Illinois Tool Works entered a $3.0 billion, five-year credit agreement with JPMorgan Chase Bank, N.A. as Agent and Citibank, N.A. as Syndication Agent, and terminated its existing credit agreement dated October 21, 2022. The company reported that no amounts were outstanding under either facility as of February 20, 2026, so the change refinances the revolver rather than adding borrowed funds.
Key points
- New $3.0 billion five-year credit agreement dated February 20, 2026, with JPMorgan Chase Bank, N.A. as Agent and Citibank, N.A. as Syndication Agent
- Replaces the existing revolver that was scheduled to terminate on October 21, 2027; the prior agreement was terminated on February 20, 2026
- No amounts outstanding under either facility as of February 20, 2026
- Company may request an increase of the total facility up to $5.0 billion, at the lenders' discretion; includes a minimum interest coverage ratio covenant
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:21 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 20, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.